“The introduction of new fiscal subsidies, such as refundable tax credits, should be considered to enable Singapore’s tax incentives to continue to foster an environment conducive to investment,” notes the Dec 26 release.
Deloitte Singapore has put forward recommendations for the Singapore Budget 2024, in anticipation of a landmark year for international tax reform, marked by the implementation of the Organisation for Economic Co-operation and Development (OECD)’s tax avoidance initiatives.
Deloitte has recommended the consideration to reshape Singapore's tax incentives and grants regime, as the Global Anti-Base Erosion Rules (GloBE) rules, which impose a 15% tax on large multinational enterprises wherever they operate, come into effect.
